The Following Data Represent the Ages (In Years) of a Sample

question 107

Essay

The following data represent the ages (in years) of a sample of 25 employees from a government
department: $$\begin{array} { | l | l | l | l | l | l | l | l | l | l | } \hline 31 & 43 & 56 & 23 & 49 & 42 & 33 & 61 & 44 & 28 \\\hline 48 & 38 & 44 & 35 & 40 & 64 & 52 & 42 & 47 & 39 \\\hline 53 & 27 & 36 & 35 & 20 & & & & & \\\hline\end{array}$$ Find the lower quartile of the ages.

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Definitions:

Consumer Surplus

The disparity between the amount consumers are prepared to spend on a product or service and the amount they end up paying, indicating the advantage to consumers.

Allocative Efficiency

A state of the economy in which the distribution of resources among different uses is optimized, leading to an optimal level of consumer satisfaction.

Productive Efficiency

A situation in which an economy or entity is operating at maximum capacity, producing goods or services at the lowest possible cost.

Long-Run Equilibrium

A state in economics where all factors of production and outputs in an industry or market adjust fully to any changes, leading to a stable condition where no participant has an incentive to change behavior.